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Wedge

Is the Bitcoin Bull Run on Fumes? Bullish Wedge?Bitcoin (BTC), the enigmatic pioneer of cryptocurrencies, has captivated investors with its volatile price swings and potential for massive returns. After a strong incline in recent months, questions are swirling about the sustainability of this bullish trend. One technical analysis pattern catching attention is the bullish wedge, and its potential to signal a reversal. The Bullish Wedge: A Double-Edged Sword The bullish wedge is a chart pattern formed by two converging trendlines, one acting as resistance and the other as support. While it initially suggests a continuation of the uptrend, a breakout from the lower trendline can indicate a potential price decline. Here's why the bullish wedge is a double-edged sword for BTC investors: • Continuation Pattern: If the price breaks above the resistance line with increasing trading volume, it can be interpreted as a confirmation of the bullish trend. This would suggest that buyers are accumulating BTC at higher prices, potentially pushing the price further upwards. • Reversal Pattern: A breakdown below the support line, particularly with significant selling volume, could signal a trend reversal. This would indicate that sellers are overpowering buyers, potentially leading to a price decline. Is This the End of the Bull Run? Whether we're witnessing the tail end of the BTC incline depends on several factors: • Price Action at the Wedge: Closely monitoring the price action at the wedge's apex (the point where the trendlines converge) is crucial. A clean breakout above resistance with strong volume suggests a continuation of the uptrend. Conversely, a forceful breakdown below support with high selling pressure indicates a potential reversal. • Technical Indicators: While the bullish wedge is a valuable tool, it shouldn't be used in isolation. Combining it with other technical indicators like the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD) can provide a more comprehensive picture. Overbought readings on the RSI or bearish divergences on the MACD could signal a potential reversal despite the wedge pattern. • Fundamental Factors: External factors like regulatory changes, institutional adoption, and broader economic conditions heavily influence the cryptocurrency market. Positive news on these fronts can bolster the bullish momentum, while negative developments can trigger a sell-off. Beyond the Bullish Wedge: Other Considerations Predicting the future of Bitcoin is notoriously difficult. Here are some additional factors to consider: • Market Sentiment: Bullish sentiment can fuel upward price movements, while bearish sentiment can lead to a decline. Gauging investor sentiment through social media analysis or news outlets can provide valuable insights. • On-chain Analysis: Analyzing on-chain data, such as active addresses or exchange inflows/outflows, can reveal investor behavior and potential buying or selling pressure. Navigating the Uncertainty: What Investors Can Do While the bullish wedge presents a potential turning point, it's not a guaranteed indicator. Here's what investors can do: • Employ Risk Management: Always implement stop-loss orders to mitigate potential losses if the price falls below a certain level. • Diversify Your Portfolio: Don't put all your eggs in one basket. Diversify your crypto holdings and consider other asset classes to manage overall portfolio risk. • Stay Informed: Keep yourself updated on the latest developments in the cryptocurrency space, including technical analysis, market sentiment, and regulatory changes. Conclusion The bullish wedge presents an intriguing scenario for Bitcoin's price trajectory. While it raises the possibility of a trend reversal, a confirmation requires a breakdown below support with significant selling pressure. By combining technical analysis with other factors like market sentiment and fundamental analysis, investors can make informed decisions. Remember, the cryptocurrency market remains highly volatile, and a healthy dose of caution is always advisable.
BITSTAMP:BTCUSD
by bryandowningqln
BTCUSDT ⚡ Channel Pattern SpottedHey guys! At this very moment, we are in the middle of almost everything so you don't want to get caught on the wrong side of the trade. Better be safe than sorry. Having said that, here's my idea about what we are looking at right now. 1) There's a channel marked by green lines as shown in the chart. If you can see this, you'll notice whenever price touches the upper line it gets rejected and whenever it touches the lower band it bounces back inside the range. We can buy when price hits there and sell whenever it touches the upper resistance channel range. A deal breaker would be either a breakdown of the channel or breakout of the channel. 2) TARGETS if price keeps respecting the channel pattern, would be at the top resistance line to take profits as a buyer and viceversa as a buyer taking entry trigger a candlestick pattern on the lower band of the channel. This idea is to spot for the long term. This asset is still in balanced mode, there hasn't been a breakout of the range yet. However, it's worth to note that there's a channel pattern playing out, right now. Hope you find it useful and be able to take advantage of this idea. Kina Tip of the Day: Take profits partially even when they don't seem much because in the long run they will grow in a balanced way with the rest of the portfolio. Keep it shiny ⭐ Kina, The Girly Trader
Long
by KinaStar
4
ZENUSDT → Bullish potential in the red market. Break of 10.0 ↑BINANCE:ZENUSDT demonstrates a rally and a retest of the range resistance in the form of a false breakdown, only that does not lead to a fall. The price is forming a pre-breakdown consolidation. With the breakout of 10.0, the growth may continue On H4, a reversal pattern is forming within the framework of which, while the cryptocurrency market was falling, zen was testing resistance. A false breakout and liquidity capture is formed. This maneuver does not lead to a fall, and the market goes into a state of consolidation, the nature of which resembles a pre-breakdown. There are no fundamentals, the market follows the flagships, which fall because of some problems. Bitcoin is dragging everyone down due to the sale of a large number of coins by Germany, and the debt repayment by Mt.Gox exchange, which has destabilized the situation in general. Resistance levels: 9.79-10.0 Support levels: 9.35, 8.8, 8.14 In this case, it is acceptable to use a breakout strategy against resistance at 9.79-9.87. But, if the structure will be broken, the price, in order to increase the volume before the growth may head towards the support. Regards R. Linda!
Long
by RLinda
8
After breakout of support line, Gold can continue to declineHello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price some time declined to the buyer zone, which coincided with the support level and started to grow inside the wedge, where it at once rebounded from the support line to the resistance line. When the price reached the resistance line of the wedge, which is located in the seller zone, it turned around and made a downward movement, breaking the resistance level. After this, Gold tried to grow, but failed and dropped to the support line of the wedge, after which turned around and bounced back to the resistance line of the wedge. Then the price declined to support line again and then started to grow, after which soon exited from the wedge. Price continued to grow near the support line and later reached the 2430 level, broke it, and rose even higher than the seller zone to 2483 points. But some time ago it turned around and made impulse down to the support line, breaking the resistance level one more time, and now Gold tried to break the support line too. So, I think that the price can finally break this line and then make a retest, after which continue to decline. Therefore I set my TP at 2340 points. Please share this idea with your friends and click Boost 🚀
FOREXCOM:XAUUSDShort
by LegionQ8
2
SPY does a rising wedge suggest a reversal? SHORTSPY on a 30 minute chart shows a rising wedge over the past week. Price is now under a nearly flat upper trendline of resistance while the support trendline is rising. The dual TF RSI indicator shows strength about 70 while the zero lag MACD shows a K /D line cross. Because of this I believe, SPY may retrace to 468 or the level of the Fib 0.5. Since SPY is a high volume high liquidity slow spread instrument I see a buying a put option or s short swing trade short on the shares as strong consideration for the next trading day if the breakdown is confirmed.
PYTH:SPYShort
by AwesomeAvani
2
Bitcoin can reach 68K points and then start to declineHello traders, I want share with you my opinion about Bitcoin. Observing the chart, we can see that the price some time ago rebounded down and then started to grow inside the upward channel, where it soon reached the resistance line, but at once made a correction to the support line. After this movement, the price rebounded from the support line and quickly broke the 56900 level one more time, which coincided with the buyer zone and some time traded near this level. Later Bitcoin fell to the support level and at once bounced and continued to grow to the resistance line of the channel, which their moment coincided with the current support level. Price exited from the channel and made a fake breakout of the 63900 level, after which started to trades inside the wedge, where it rebounded from the support line and rose to the resistance line, breaking the 63900 level again. After this movement, BTC corrected to the support area, where it reached the support line of the wedge and made an impulse up, exiting from this pattern. Recently, the price reached 67000 points, and now trades a little below, so, I think the price can rise to 68000 points and then start to decline to the support level. For this case, I set my TP at 63900 level. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
1
#SOLUSDT #1h (OKX Futures) Ascending broadening wedge breakdownSolana lost 50MA on hourly TF, retracement down to 200MA support seems in place, let's hedge short. ⚡️⚡️ #SOL/USDT ⚡️⚡️ Exchanges: OKX Futures Signal Type: Regular (Short) Leverage: Isolated (6.0X) Amount: 4.8% Current Price: 157.06 Entry Targets: 1) 158.69 Take-Profit Targets: 1) 147.63 Stop Targets: 1) 164.23 Published By: @Zblaba CRYPTOCAP:SOL OKX:SOLUSDT.P #1h #Solana #PoS solana.com Risk/Reward= 1:2.0 Expected Profit= +41.8% Possible Loss= -20.9% Estimated Gaintime= 2-3 days
Short
by TradingOn
1
BITCOIN → Fear in the crowd is a bullish sign ↑ Flag and SFPBINANCE:BTCUSD is experiencing times of high fear and negative sentiment among the crowd. From a psychological point of view, this could end in a bullish momentum. But there is always a but! For now, big buyers are actively holding back a possible fall amid transfers of the previously hacked crypto exchange Mt.Gox to its debtors and BTC sell-offs by German authorities: Germany will get rid of all its BTC in two days. (at the current pace of sales). Yesterday, 16,038 BTC were transferred from the country's government wallet to various crypto exchanges and market makers. Since June 19, 26,071 BTC have been sold. There are only 23,788 BTC left on the wallet In April, the average cost of BTC mining among the largest public miners was $53,000, technically, the level of average cost of BTC mining plays the role of an intermediate bottom. Judging by the growth of volumes and price entry into the area of the lower boundary of the "flag" pattern, buyers appear on the market and at the moment stop the price fall, forming a sideways range of 58500-53500. Accordingly, a breakdown of one of the boundaries may trigger an impulse to one side or the other, based on the technical nuances there is a probability that there will be an attempt to break the resistance. Resistance levels: 58500, 64000 Support levels: 53500, 53000 Fundamentally, the environment is difficult due to Germany and Mt.Gox, but investors are waiting for the approval of ETH-ETF, which may bring back the bullish mood to the market (indirect impact on BTC). Technically, the emphasis is on the range. A break of 58500 will give bullish momentum, a break of 53500 may allow the price to decline to the 50500-51000 risk zone Regards R. Linda!
BITSTAMP:BTCUSDLong
by RLinda
23
The last bullish chance of NOTCOIN in short-term !!BINANCE:NOTUSDT 🔵We have a Bullish Structure here NOTUSDT formed a megaphone on 1D timeframe🤔 Up we go if we do breakout . ✨Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad. _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
by CobraVanguard
After impulse up, Gold can small correct and continues to riseHello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price rebounded from the current support level, which coincided with the support area, and then entered to wedge, when it turned around from the resistance line and started to decline. In a short time, the price fell to the support line of the wedge, breaking the 2385 level. Then the price rebounded from the support line and continued to decline in the wedge and some time later it turned around and made impulse up to the current support level, thereby exiting from the wedge, after which dropped to the 2295 level and started to trades inside the range. In range, Gold tried to grow from the 2295 level, but later it fell back, after which at once started to grow to the current support level. When the price reached the 2385 level, it exited from range and made a fake breakout of the 2385 support level. After this movement, Gold made a strong impulse, thereby finally breaking the 2385 level and rising to 2483 points, but recently started to decline. So, I think that Gold can make small correction firstly and then continue to move up. For this case, I set my TP at 2510 points. Please share this idea with your friends and click Boost 🚀
FOREXCOM:XAUUSDLong
by LegionQ8
2